Charity registration number 276839 (England and Wales)
SOCIETY FOR MEDICINES RESEARCH
(SMR)
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
SOCIETY FOR MEDICINES RESEARCH (SMR) LEGAL AND ADMINISTRATIVE INFORMATION
Chairman Dr D O'Donovan Vice chairman Dr A Konopacka Secretary Mrs P Brown Treasurer Dr R Davenport Early careers officer Dr C Oxford Social media officer Dr R Hanson Fundraising officer Dr L Lazarides Trustees Dr R Davenport Mrs P Brown Mr D O'Donovan (Appointed 11 December 2025) Dr C Oxford (Appointed 11 December 2025) Dr R Hanson (Appointed 11 December 2025) Dr L Lazarides (Appointed 11 December 2025)
Committee Dr K Brown Dr P Jeffrey Dr M Alavijeh Dr G Macdonald Dr S Butterworth Dr M Swarbrick Dr A Gohlke Dr P Greenidge Dr M Hann Dr D Hirst Dr T Maia de Oliveira Dr A Merritt Dr C O'Reilly Dr C Tinworth Dr C Valenzano Charity number 276839 Principal address Unit 9 Cartwright Court Cartwright Way Bardon Hill Coalville Leicestershire LE67 1UE Independent examiner Rishi Chandarana FCA BPC Chandarana+Co Limited Chartered Accountants Prebend House 72 London Road Leicester LE2 0QR Bankers Bank of Scotland 14/16 Cockspur Street London SW1Y 5BL
SOCIETY FOR MEDICINES RESEARCH (SMR) CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Notes to the financial statements | 6 - 12 |
SOCIETY FOR MEDICINES RESEARCH (SMR) TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MAY 2025
The trustees present their annual report and financial statements for the year ended 31 May 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
Objectives and activities
The objects of the Charity are the advancement of science relating to all aspects of drug research, primarily by providing a common meeting ground for all who are interested and involved in such research, with the purpose of furthering the education of such persons to be of ultimate benefit to the general public in the field of relief of sickness.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
The funds of the Society were administered throughout the period under review by Dr R Davenport with professional assistance from The SMR Secretariat, Associaction Enterprises. The statement of financial activities have been reviewed by BPC Chandarana+Co Limited.
The accounting period under review ran from June 2024 through to May 2025; a period in which the Society's overall funds increased from £30,417 to a total of £44,284; an increase of £13,867.
There was a fall in income from membership subscriptions (from £2,285 to £1,905), meeting sponsorship increased (from £8,243 to £23,960). Meeting registrations income increased (from £14,700 to £44,629).
The SMR usually organises four meetings during the year but in this financial year organised three. All meetings are held once again fully face-to-face. The 21st June 2024 meeting entitled “Modulating RNA with oligonucleotides” was hosted by GSK, Stevenage, UK, and attracted 97 delegates.
The next meeting was hosted by Astra Zeneca’s Discovery Centre in Cambridge entitled “The quest for new medicines to slow the progression of disability in neurodegenerative disorders” which attracted 148 delegates.
The SMR’s biennial meeting entitled “Recent Trends in Medicinal Chemistry” was a joint badged event with the Royal Society of Chemistry and held at their venue, Burlington House, in London, on the 5th December 2024, and attracted 77 delegates.
The final meeting of the year was entitled “The 2nd Molecular Glues Meeting” once again hosted by GSK in Stevenage on the 21[st] March 2025 which attracted 135 delegates. The success of the SMR relies on the running of 4 meetings per year to cover organisational costs and keep the organisation on a firm financial footing. This year saw an exponential increase in delegate numbers due to some key current & topical meetings, which coupled with the much increased sponsor income and the reduced venue costs through GSK and AstraZeneca hosting 2 SMR meeting in this financial period has helped with creating a higher surplus than in previous years.
The charity's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.
Information of matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the charity continues and that the appropriate training is arranged. It is the policy of the charity that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
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SOCIETY FOR MEDICINES RESEARCH (SMR) TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
The Board's investment policy is to aim for safety commensurate with immediate and planned spending requirements. Accordingly, funds are held as cash balances and not invested.
It is the policy of the Trustees to retain a fund of such value as to provide for any unexpected expenditure on normal activities not covered by related income. The Trustees wish to safeguard the charity's ability to provide support in the future and aim to achieve this by judicious management of its resources.
The trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The charity was established by a charitable trust deed on 13 October 1978, as amended 9 March 1993.
The trustees who served during the year and up to the date of signature of the financial statements were: Dr R Davenport Dr M Hann Dr S Butterworth Mrs P Brown Mr D O'Donovan (Appointed 11 December 2025) Dr C Oxford (Appointed 11 December 2025) Dr R Hanson (Appointed 11 December 2025) Dr L Lazarides (Appointed 11 December 2025)
New trustees are inducted and trained by more experienced existing trustees including the Chairman, Secretary and Treasurer.
The Charity is administered by a Committee which meets regularly to discuss and implement policy and is directly responsible to the Board of Trustees. Trustees comprise the Chairman, an Honorary Treasurer and an Honorary Secretary, all of whom are appointed to the Board in accordance with the Rules.
The trustees' report was approved by the Board of Trustees.
Mr D O'Donovan
Trustee Dated: 11 December 2025
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SOCIETY FOR MEDICINES RESEARCH (SMR) INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF SOCIETY FOR MEDICINES RESEARCH
I report to the trustees on my examination of the financial statements of Society for Medicines Research (the charity) for the year ended 31 May 2025.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
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I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1 accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011.
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
BPC Chandarana+Co Limited
Chartered Accountants Prebend House 72 London Road Leicester LE2 0QR 11 December 2025
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SOCIETY FOR MEDICINES RESEARCH (SMR) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MAY 2025
| Unrestricted Restricted funds funds 2025 2025 Notes £ £ Income from: Donations and legacies 3 23,960 - Charitable activities 4 46,534 - Other trading activities 5 8,729 - Investments 6 240 - Total income 79,463 - Expenditure on: Charitable activities Costs of charitable activities 7 39,703 - Support costs - Meeting registrations 7 19,146 - Support costs - subscriptions 7 5,067 - Total charitable expenditure 63,916 - Governance costs 1,680 - Total expenditure 65,596 - Net income/(expenditure) and movement in funds 13,867 - Reconciliation of funds: Fund balances at 1 June 2024 26,101 4,316 Fund balances at 31 May 2025 39,968 4,316 |
Total Unrestricted Restricted Total funds funds 2025 2024 2024 2024 £ £ £ £ 23,960 8,243 - 8,243 46,534 16,985 - 16,985 8,729 3,850 - 3,850 240 164 - 164 79,463 29,242 - 29,242 39,703 16,625 - 16,625 19,146 17,074 - 17,074 5,067 4,269 - 4,269 63,916 37,968 - 37,968 1,680 1,620 - 1,620 65,596 39,588 - 39,588 13,867 (10,346) - (10,346) 30,417 36,447 4,316 40,763 44,284 26,101 4,316 30,417 |
|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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SOCIETY FOR MEDICINES RESEARCH (SMR) STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2025
| 2025 Notes £ Current assets Debtors 13 16,137 Cash at bank and in hand 47,941 64,078 Creditors: amounts falling due within one year 14 (19,794) Net current assets The funds of the charity Restricted income funds 16 Unrestricted funds 17 |
£ 44,284 4,316 39,968 44,284 |
2024 £ 19,024 18,641 37,665 (7,248) |
£ 30,417 |
|---|---|---|---|
| 4,316 26,101 |
|||
| 30,417 |
The financial statements were approved by the trustees on 11 December 2025
Dr R Davenport Trustee
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SOCIETY FOR MEDICINES RESEARCH (SMR) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
1 Accounting policies
Charity information
Society for Medicines Research is an unincorporated charity established by a charitable trust deed. The principal address is Unit Q, Troon Way Business Centre, Humberstone Lane, Thurmaston, Leicester, LE4 9HA.
1.1 Accounting convention
The accounts have been prepared in accordance with the charity's governing document, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
The restricted fund is the Student Bursaries Fund which provides bursaries for students in need.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the Charity.
1.4 Incoming resources
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy.
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SOCIETY FOR MEDICINES RESEARCH (SMR) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
1 Accounting policies
(Continued)
1.5 Resources expended
Resources expended are recognised in the period in which they are incurred. Resources expended include attributable VAT which cannot be recovered.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs represent costs associated with meeting the constitutional and statutory requirements of the charity and include the independent examination and grant audit fees and costs linked to the strategic management of the charity.
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
1.7 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
BASIC FINANCIAL ASSETS AND LIABILITIES
Basic financial assets and liabilities , which include debtors and creditors with no stated interest rate and receivables or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.8 Direct taxation
As a Charity, the Society is generally exempt from income tax and capital gains tax, but not from VAT. Irrecoverable VAT is included in the cost of those items to which it relates.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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SOCIETY FOR MEDICINES RESEARCH (SMR) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
| 3 | Voluntary income - meeting sponsorship | ||
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| Meeting sponsorship | 23,960 | 8,243 | |
| 4 | Income from charitable activities | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Subscriptions | |||
| Fees receivable | 1,905 | 2,285 | |
| Meeting registrations | |||
| Fees receivable | 44,629 | 14,700 | |
| 46,534 | 16,985 | ||
| 5 | Activities for generating funds - Sale of meeting reports | ||
| Unrestricted | Total | ||
| funds | |||
| 2025 | 2024 | ||
| £ | £ | ||
| Non-charitable trading activities | 8,729 | 3,850 | |
| 6 | Income from investments | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Interest receivable | 240 | 164 |
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SOCIETY FOR MEDICINES RESEARCH (SMR) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
7 Charitable activities
| Costs of charitable activities Support costs - Meeting registrations Support costs - subscriptions £ £ £ Room hire 27,370 - - Refreshments 12,200 - - Mailing expenses 133 - - 39,703 - - Share of support costs (see note 9) - 19,146 5,067 39,703 19,146 5,067 8 Net movement in funds The net movement in funds is stated after charging/(crediting): Fees payable for the independent examination of the charity's financial statements 9 Support costs Subscriptions Meeting registrations £ £ IT costs 89 1,521 Secretariat 3,861 15,446 Bank charges 289 1,351 Telephone 50 454 Postage 3 1 Printing and stationery 304 305 Travel and subsistence 4 38 Subscriptions to organisation 30 30 Legal and professional fees 437 - 5,067 19,146 |
Total 2025 £ 27,370 12,200 133 39,703 24,213 63,916 2025 £ 1,680 Total 2025 £ 1,610 19,307 1,640 504 4 609 42 60 437 24,213 |
Total 2024 £ 16,625 - - |
|---|---|---|
| 16,625 21,343 |
||
| 37,968 | ||
| 2024 £ 1,620 |
||
| Total 2024 £ 1,182 18,272 730 502 60 519 18 60 - |
||
| 21,343 |
Support costs have been allocated to activity cost categories on a basis consistent with the use of resources.
10 Trustees
None of the trustees (or any persons connected with them) received any remuneration during the year and no expenses have been reimbursed to trustees during the year (2024-£Nil).
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SOCIETY FOR MEDICINES RESEARCH (SMR) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
11 Employees
The average monthly number of employees during the year was:
| The average monthly number of employees during the year was: | ||
|---|---|---|
| 2025 | 2024 | |
| Number | Number | |
| Total | - | - |
| There were no employees whose annual remuneration was more than £60,000. |
12 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
13 Debtors
| Amounts falling due within one year: Subscriptions Prepayments and accrued income 14 Creditors: amounts falling due within one year Notes Deferred income 15 Accruals 15 Deferred income Other deferred income Deferred income is included in the financial statements as follows: Deferred income is included within: Current liabilities Movements in the year: |
2025 £ 5,017 11,120 16,137 2025 £ 17,168 2,626 19,794 2025 £ 17,168 2025 £ 17,168 |
2024 £ 5,017 14,007 |
|---|---|---|
| 19,024 | ||
| 2024 £ - 7,248 |
||
| 7,248 | ||
| 2024 £ - |
||
| 2024 £ - |
||
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SOCIETY FOR MEDICINES RESEARCH (SMR) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
15 Deferred income
| Deferred income Deferred income at 1 June 2024 Resources deferred in the year Deferred income at 31 May 2025 |
(Continued) - - 17,168 - 17,168 - |
(Continued) - - 17,168 - 17,168 - |
|---|---|---|
| - |
16 Restricted funds
The restricted fund is for the provision of bursaries for students in need.
Previous year:
| At At |
1 June 2024 At 31 May 2025 £ £ 4,316 4,316 1 June 2023 At 31 May 2024 £ £ 4,316 4,316 |
|---|---|
17 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At General funds Previous year: At General funds |
1 June 2024 Incoming resources Resources expended At 31 May 2025 £ £ £ £ 26,101 79,463 (65,596) 39,968 1 June 2023 Incoming resources Resources expended At 31 May 2024 £ £ £ £ 36,447 29,242 (39,588) 26,101 |
|---|---|
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SOCIETY FOR MEDICINES RESEARCH (SMR) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
18 Analysis of net assets between funds
| Unrestricted Restricted funds funds 2025 2025 £ £ At 31 May 2025: Current assets/(liabilities) 39,968 4,316 39,968 4,316 Unrestricted Restricted funds funds 2024 2024 £ £ At 31 May 2024: Current assets/(liabilities) 26,101 4,316 26,101 4,316 |
Total 2025 £ 44,284 |
|---|---|
| 44,284 | |
| Total 2024 £ 30,417 |
|
| 30,417 |
19 Related party transactions
There were no disclosable related party transactions during the year (2024 - none).
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